According to CME's "Fed Watch" on August 28, the probability of the Fed cutting the benchmark interest rate by 25 basis points in September is 66% and the probability of a 50 basis point cut is 34%. There is a 41% probability that the Fed will cumulatively cut 50 basis points in November, a 46% probability of a cumulative 75 basis point cut, and a 13% probability of a cumulative 100 basis point cut.